Sucro and Santander Sugar Launch Joint Venture for Caribbean Refinery

Sucro Limited and Santander Sugar Group have formed a 50/50 joint venture, Caribbean Sugar Refinery Limited (CSR), to develop a new cane sugar refinery in Belize aimed at strengthening regional supply and boosting food security.

The refinery will be built within Santander Sugar’s mill complex in Valley of Peace, Cayo, with operations scheduled to start in 2026. A total of USD20m will be invested, funded equally by the partners. Santander Sugar will manage operations, overseeing logistics, procurement, and integration with the Belizean sugar sector.

CSR is positioned to supply more than 75% of refined sugar demand within the CARICOM market, with longer-term plans to extend capacity to cover 150% of regional demand through expansion into Trinidad and Tobago. The venture also intends to pursue export opportunities in North America and Europe.

The Government of Belize has signed a Memorandum of Understanding supporting the initiative, providing an enabling framework for raw sugar sourcing and regional engagement.

Sustainability is a core element of the project, with CSR committing to environmental compliance and industry best practices. Beyond production, the refinery is expected to generate significant direct and indirect employment, foster intra-regional trade, and provide stability for Caribbean sugar producers.

The partnership marks a step towards modernising the Caribbean sugar industry while advancing economic growth and integration across the region.